By IANS,
Kolkata: Non-banking financial company Magma Fincorp saw its net profit rising 161 percent to Rs.17.9 crore in the third quarter, from Rs.6.9 crore it posted during the corresponding period a year ago, the company said here Tuesday.
“The total disbursement during this period was Rs.1,049 crore, a rise of 19 percent,” said company vice chairman and managing director Sanjay Chamria at a press conference.
During the corresponding period last fiscal, Magma Fincorp disbursed Rs.883 crore, while total disbursement stood at Rs.3,673 crore.
Magma provides financial products including financing of utility vehicles and cars, commercial vehicles, construction equipment, tractors and loans for small and medium enterprises (SMEs).
“During the quarter, we focused on high-yielding loan products like tractor financing schemes and loans for the SME sector. Tractors will remain our key focus now,” Chamria said.
The company has 151 branches in 20 states and employs around 4,400 people.